Gautam Adani News / A decision by America can become a challenge for India's diamond industry

Gautam Adani News: Several industry stalwarts attended the 51st edition of the Gem & Jewellery Awards organised by the Gem & Jewellery Export Promotion Council. Adani Group Chairman Gautam Adani, Union Commerce and Industry Minister Piyush Goyal, and Rajasthan Chief Minister Bhajan Lal Sharma were present on the occasion.

In his address, Gautam Adani highlighted the current state of the Indian diamond industry, the challenges it faces, and the future prospects. He also gave three key mantras to the industry while sharing his experience and views.

Global scenario of Indian diamond industry

Gautam Adani described the Indian diamond and jewellery sector as a major player in the global market and said:

Cutting and polishing in the world: About 26.5% of diamonds in the global market are processed in India.

Share in silver jewellery exports: India's contribution is more than 30%.

However, he also drew attention to the fact that the sector has suffered a decline of 14% in recent years.

US decision and impact on Indian industry

Gautam Adani mentioned a key challenge—the legalisation of artificial diamonds (lab-grown diamonds) by the US.

Natural diamonds vs lab-grown diamonds: Artificial diamonds are not only cheaper than natural diamonds, but are also easier to maintain.

Changing preferences: Consumers are now leaning towards affordable and sustainable options, putting pressure on the Indian natural diamond industry.

Gautam Adani's 10-year-old experience

In his speech, Gautam Adani shared a 10-year-old anecdote when he first saw a lab-grown diamond in California. The scientist who saw it said at that time that this technology would revolutionise the jewellery industry in the times to come.

Gautam Adani's three mantras for the diamond industry

Gautam Adani suggested three key mantras for the Indian diamond industry to overcome the status quo and achieve new heights:

1. Adopting technology and sustainability

He said:

Innovation in jewellery is not possible without technology.

Understanding the changing preferences of the youth, products have to be made keeping in mind new status symbols like smart watches and smartphones.

2. Empowering and re-skilling the workforce

Artisans and workforce are the backbone of the industry.

The industry cannot move forward without training them for new technology and innovation.

3. Trusting the youth

The industry needs new energetic thinking.

By giving responsibility to the youth, the industry will get a new perspective.

Conclusion

This event of Gem and Jewellery Awards provided a platform for meaningful discussion on the challenges and possibilities of the Indian diamond industry. Gautam Adani's thoughts and three mantras can inspire the industry to move in a new direction.

With the growing trend of artificial diamonds and competition in the global market, technology, workforce re-skilling, and youth participation can play a key role in empowering this sector. If the Indian diamond industry succeeds in turning these challenges into opportunities, it will further strengthen its reputation not only nationally but also globally.